China

ICBC-AXA Life opens asset management subsidiary in Shanghai

ICBC-AXA Life, partly owned by French insurance giant AXA, has launched the Shanghai office of its wholly-owned asset management subsidiary.

The subsidiary was the first insurance asset management joint venture that won regulatory approval to establish a presence after China announced further opening up of the insurance industry in April 2018.

Ma Jian, chairman of ICBC-AXA Life, said the firm will manage both the Renminbi and foreign currency funds of clients, and improve investment management and risk control to grow into one of China’s leading asset management company.

The company will also use insurance funds to support key industries, key construction projects, the Belt and Road Initiative and the country's regional development strategies.

ICBC-AXA Life was originally created through a joint venture of the Industrial and Commercial Bank of China, AXA and China Minmetals in 2012 with a registered capital of 12.5 billion yuan. It took in a premium income of 31 billion yuan in the first quarter of this year, a seven year record-high.